Toronto-Dominion Bank is promoting one of its top US anti-money-laundering executives, Jacqueline Sanjuas, to a role that will see her head up financial crime risk management for the entire bank.

Sanjuas, who joined Toronto-Dominion in January 2024, is replacing Herb Mazariegos, the firm said in a statement Thursday evening. She’s already TD’s bank secrecy officer, the executive in charge of ensuring a bank complies with all US anti-money-laundering rules, and will remain in that crucial regulatory position.

Chicago-based Mazariegos, who was formerly the chief anti-money-laundering officer at Bank of Montreal, is leaving Toronto-Dominion immediately but will “support a smooth transition,” the statement said. He joined Canada’s No. 2 lender less than a year and a half ago as part of the bank’s bid to improve its compliance processes in the wake of sweeping US money-laundering probes.

His departure is a “talent decision” for the bank, said a person with knowledge of the situation who asked not to be named discussing personnel matters. Mazariegos joined TD at a challenging time for the organization and its needs have since changed, the person said.

Toronto-Dominion, which agreed in October to pay $3.1 billion to US regulators and law enforcement after pleading guilty to charges brought by US authorities over its money-laundering failures, has said improving compliance on that front is its top priority.

Read More: TD Speeds CEO Handoff, Cuts Pay for More Than 40 Executives

It spent $350 million to improve its money-laundering and financial-crime programs last year and said it expects to spend an additional $500 million on those efforts this year.

The bank moved up the start date for its new Chief Executive Officer Raymond Chun by two months, slashed executives’ bonus pay and overhauled its board of directors, it announced last week.

Outgoing CEO Bharat Masrani, who has led the bank for more than a decade, saw his own compensation drop to C$1.5 million ($1 million) last year, down from C$13.3 million a year earlier, the bank said.

Stephen Joyce will become interim head of financial crime risk management for the bank’s Canadian and non-US international operations and report to Sanjuas, Toronto-Dominion said on Thursday.

–By Christine Dobby (Bloomberg News)